Barrette cuts spread on $405 million term loan to Libor plus 400 bps

By Sara Rosenberg

New York, Sept. 24 – Barrette (LEB Holdings (USA) Inc.) lowered pricing on its $405 million seven-year covenant-lite first-lien term loan (B3/B) to Libor plus 400 basis points from talk in the range of Libor plus 425 bps to 450 bps and added a 25 bps step-down after 0.75x of first-lien net leverage deleveraging, according to a market source.

Additionally, the original issue discount on the term loan was changed to 99 from 98, the source said.

The term loan still has a 0.75% Libor floor and 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC, BMO Capital Markets and KKR Capital Markets are the lead arrangers on the deal.

Recommitments were scheduled to be due at 5 p.m. ET on Thursday, the source added.

Proceeds will be used to fund the acquisition of the company by TorQuest Partners and Caisse de depot et placement du Quebec.

Barrette is a manufacturer and distributor of wood alternative fence, railing and other outdoor living products.

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